Corporate vehicle leasing giant Element Fleet Management is launching a $650 million securitization of open-end truck and auto leases serviced by its Gelco subsidiary.

The notes will be sold by Element’s master trust Chesapeake Funding II LLC (CF II) in a Series 2017-2 issuance. Moody's Investors Service, Fitch Ratings, Kroll Bond Rating Agency and DBRS have each assigned preliminary ratings to four classes of notes, including triple-A ratings to the $601.54 million in Class A senior notes split equally among two fixed- and floating-rate tranches.

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